Catastrophe savings accounts, required to be held in Alabama banks, credit unions, or veterans financial institutions and approved by the Commissioner of Insurance

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Plain-English Summary

This bill requires that catastrophe savings accounts, which help residential property owners cover costs from windstorm events, must be held in banks, credit unions, or veterans financial institutions located in Alabama. It clarifies that these accounts can be used for insurance deductibles, FORTIFIED endorsements, or mitigation actions to reduce damage from catastrophic windstorm events. This change would apply to tax years starting on or after January 1, 2027.

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